Datavault AI drops 50% after saying it can't withdraw bitcoin tied to $150M Scilex deal
Datavault AI's shares were cut roughly in half after the firm said it can't withdraw the bitcoin tied to a $150 million Scilex share purchase.
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Key takeaways
- Datavault AI stock dropped about 50% after the disclosure.
- The problem involves a deal where Scilex agreed to buy Datavault AI shares for $150 million.
- Payment was to be made in bitcoin, but Datavault says it can't withdraw it.
- The source material doesn't explain why the withdrawal is blocked.
Datavault AI's stock lost about half its value after the company said it can't withdraw bitcoin tied to a $150 million deal with Scilex.
What we know
The dispute centers on one agreement: Scilex would buy shares of Datavault AI for $150 million, and it would pay in bitcoin rather than cash. Datavault now says it can't get the coins out.
That's the whole story so far, and it's thin. Nothing in the available information says where the bitcoin is held, why it's stuck, or whether any of it has been delivered. Nor do we know if the deal can still close as planned.
Why the market reacted
A 50% drop tells you investors saw more than a technical hiccup. For a company this size, $150 million is a big financing. If the payment can't be accessed, the funding it was meant to provide is in doubt. Simple as that.
Why it matters
Getting paid in bitcoin sounds tidy, but the coins are only worth something if you can actually move them. Custody, access and settlement terms matter as much as the headline price. If you own shares in companies that raise money in crypto, check where the assets sit and who controls them. Datavault AI shareholders will have questions, and one stands above the rest: where exactly is that bitcoin?
Source: The Block
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